40 NYC Bancorp dropped another 22% today, closing at $2.73. It's now down over 80% from its July 2023 high. This isn't the only problem bank. The entire system is basically insolvent. More shoes are likely to drop soon, calling into question the Fed's ability to continue its QT program. (twitter.com) posted 259 days ago by NatalieBiden 259 days ago by NatalieBiden +40 / -0 12 comments share 12 comments share save hide report block hide replies
Zero hedge had an article about this a few days ago. The TLDR is in order to make it economically viable to transform these buildings into residential units the total cost of the building would have to drop by about 50%.